Life insurance is a deeply personal financial decision. When you rely exclusively on group coverage through work, you miss the opportunity to tailor coverage to your personal needs. Although you may thank that you have life insurance coverage through work and, therefore, do not need to take out another policy, there are many benefits of buying your own life insurance in Antioch, CA.
Why Life Insurance Through Work Isn’t Enough
Why do I need extra coverage?
Most employer life insurance policies fall far short of the amount of coverage you actually need. Your employer may offer you a policy for $50,000 to $100,000 worth of coverage. But that will be inadequate if you have a young family and actually need something closer to $500,000 of coverage.
Why should I get my own policy?
You may have a great life insurance policy through work, but that will only be the case as long as you work for the company. You may plan to stay at your current job for the rest of your life, but the reality is that people move between jobs often. When you leave the job, your life insurance will end. There is also the possibility of being fired or laid off, which would strip away your life insurance benefits, too. If you develop a health condition before losing your job, you could find it tough to acquire the necessary coverage.
If your work gives you a life insurance policy, keep it, but also add a third-party policy. Consider your financial needs, and the needs of your family, before deciding on coverage. Work with a qualified life insurance agent to find the right coverage at the right price.